Prozeal Green Energy Limited has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India for an initial public offering (IPO) worth Rs 7.00 billion. The offering includes a fresh issue of Rs 3.50 billion and an offer for sale of Rs 3.50 billion by existing shareholders.
The offer for sale comprises a total of Rs 3.37 billion from the promoter selling shareholders and Rs 130 million from investor selling shareholders. The net proceeds from the offering will be allocated towards long-term working capital, investments in subsidiaries for debt repayment, and general corporate expenses. Nuvama Wealth Management Limited and SBI Capital Markets Limited are the lead managers to the issue.
Prozeal Green Energy specialises in solar engineering, procurement and construction projects, particularly within the commercial and industrial segment. As of the first half (H1) of financial year (FY) 2024-25, its order book stood at Rs 22.21 billion, with Rs 22.09 billion dedicated to ground-mounted solar projects. For H1 FY 2024-25, the company’s revenue was Rs 4.69 billion, earnings before interest, taxes, depreciation, and amortisation stood at Rs 687.13 million, and the profit was Rs 515.95 million.
